U.S. stock futures opened sharply lower on Sunday as Wall Street added to the large losses set last week.

Dow fell 665.75 points on Friday — or 2.5 percent — notching its biggest one-day sell-off since June 2016. The S&P 500 had its worst one-day performance since Sept. 2016 and the Nasdaq posted its worst session since August 2017.

The S&P 500 also snapped its longest streak without a pullback of at least 3 percent Friday. The broad index went 448 days without a decline of that magnitude, according to Bespoke Investment Group.

Stocks began the new year ripping higher. The Dow and S&P 500 had their best monthly gains since March 2016 last month. The Nasdaq posted its biggest one-month gain since October 2015 in January. The major indexes had also notched record highs.

Equities benefited from strong economic data and solid corporate earnings growth at the start of the year. But increasing inflation concerns have sent interest rates higher recently, rattling Wall Street.

This stocks sell-off “reflects ‘growing pains’ as the markets adapt to above-trend growth and a normalization of inflation that have led to a back-up in rates,” Jason Draho, head of tactical asset allocation for the Americas at UBS, said in a note Friday.

“We continue to recommend an overweight to equities globally versus US government bonds in our tactical asset allocation,” he said. “However, markets are likely to remain choppy as they adapt to this new growth and interest rate environment.”

Check Also

Federal Reserve Governor Randal Quarles delivered an upbeat assessment of the U.S. economy and endorsed a “gradual” path for raising interest rates in his first public speech on monetary policy since joining the central bank in October. “The U.S. economy appears to be performing very well and, certainly, is in the best shape that it…